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Thursday, March 01, 2012

A bounce back today as the Dow gained 28 points on lighter volume. The advance/declines were 2 to 1 positive. The overall market was stronger than the Dow. Still a negative divergence on the RSI for the stock indices but no meaningful decline yet. Perhaps todays action was dictated by the beginning of the month money flows. I suppose I will continue to look for higher prices going into the March expiration. I would like to try the OEX March calls but not without some downside first. GE was flat on light volume. Still a sideways affair here. I'm looking elsewhere for a trade. Gold had a slight bounce back after yesterdays debacle. It gained $10 on the futures as the US dollar finished near unchanged today. The XAU rose 2 points. ABX up 1/3, GG gained a buck and NEM tacked on 1/4. Volume was average. We've blown out to the downside in gold. It will probably take a while to build a base and recover or we will continue lower. I'm willing to try the April or May gold share calls eventually but patience for now will be required. Mentally I'm feeling OK. The stock indexes continue to grind higher. It has been an incredible run and there seems to be no end to it. But it will end at some point. When that is, is anybodies guess. I don't have any good set ups right now and I have no solid trade ideas either. I'm going to have to stay on the sidelines until some type of signal one way or the other develops. The losing ABX trade is history and moving ahead is the proper course of action. I will try and not let the loss affect my trading going forward.

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